RF CB expects up to 4pct growth of economy 2012

October 15, 2012, 13:51 UTC+3"The economic growth we have is practically equal to the potential growth", - the Bank of Russia’s First Deputy Chairman Alexei Ulukayev

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MOSCOW, October 15 (Itar-Tass) —— Russia’s Central Bank expects the country’s economic growth during the current year at 3.5-4 percent, and for the coming three years it may be slightly lower, the Bank of Russia’s First Deputy Chairman Alexei Ulukayev told a meeting of the State Duma’s committee on budget and taxes on Monday.

“I do not think that during the current year the growth of the global economy would be over three percent per annum; and leaders, like China, are most likely to experience lower growth to seven percent. We are most likely to be between 3.5-4 percent. And for the coming three-year period we are expecting a similar rate,” he said.

“The situation in the Russian economy is not bad in fact,” Ulukayev said. “We base our position on the fact that the economic growth we have is practically equal to the potential growth. This means, that with the current economic structure, with the institutes we have, it is unlikely to change greatly the economic growth rates.”